Alliance Trust PLC - Fixed Rate Note Borrowing

28 November 2018

ALLIANCE TRUST PLC

Fixed rate note borrowing

Alliance Trust PLC (the “Company”) has issued £60m fixed rate unsecured privately placed notes (the “Notes”) with maturities of 15, 25 and 35 years and coupons for each respective £20m tranches of 2.657%, 2.936% and 2.897%. The closing and settlement date is today with interest payable semi-annually.

The purpose of this transaction is to obtain unsecured, fixed rate, long dated Sterling denominated financing at a pricing level that the Company considers attractive. The transaction is expected to provide the Company with a long term benefit through a full market cycle.

The proceeds of the financing will be used to repay £60m of the Company’s existing £127m of floating rate bank debt all of which is currently short term funding, such that the Company’s current drawn borrowings will remain unchanged after the Notes’ issuance at an amount of £245.45m (this includes the existing £100m Note issue due 2029 at a fair value of £118.45m as at 30^th June 2018). Total borrowing facilities including the Notes will increase by £60m to £360m (including the existing Note issue at its nominal value of £100m and £200m of committed bank facilities).

As a result, our fixed long term borrowing costs have reduced from 4.3% to 3.7%. With the increased long term debt the weighted average interest payable on drawn borrowing facilities will change from 2.7% to 3.1%

For more information, please contact:

Alliance Trust PLC

Tel. [phone]